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HL

Harding Loevner Portfolio holdings

AUM $9.72B
1-Year Est. Return 22.38%
This Fund
S&P 500
This Quarter Est. Return
+8.38%
1 Year Est. Return
+22.38%
3 Year Est. Return
+79.36%
5 Year Est. Return
+98.01%
10 Year Est. Return
+375.62%
AUM
$12.3B
AUM Growth
-$54.7M
Cap. Flow
-$746M
Cap. Flow %
-6.04%
Top 10 Hldgs %
34.87%
Holding
133
New
31
Increased
21
Reduced
50
Closed
22

Top Buys

Rank Stock Value
1
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$335M
2
ITUB icon
Itaú Unibanco
ITUB
+$185M
3
GRFS
Grifois
GRFS
+$110M
4
CBD
Companhia Brasileira de Distribuicao
CBD
+$52.4M
5
TV icon
Televisa
TV
+$48.4M

Top Sells

Rank Stock Value
1
GOOG icon
Alphabet (Google) Class C
GOOG
+$340M
2
EBAY icon
eBay
EBAY
+$135M
3
IMO icon
Imperial Oil
IMO
+$88.9M
4
NKE icon
Nike
NKE
+$61.9M
5
NVO
Novo Nordisk
NVO
+$59.1M

Sector Composition

Rank Sector Weight
1 Financials 18.42%
2 Technology 16.35%
3 Communication Services 14.78%
4 Consumer Discretionary 10.22%
5 Energy 8.62%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FFIV icon
26
F5
FFIV
$22.7B
$187M 1.51%
1,924,640
-268,521
-12% -$29M
CL icon
27
Colgate-Palmolive
CL
$74.4B
$185M 1.5%
2,777,514
-385,342
-12% -$25.6M
TS icon
28
Tenaris
TS
$26.8B
$182M 1.48%
7,666,982
-874,539
-10% -$22.1M
PYPL icon
29
PayPal
PYPL
$50.5B
$176M 1.43%
4,864,247
-676,008
-12% -$23.8M
AXP icon
30
American Express
AXP
$230B
$172M 1.39%
2,468,288
-330,609
-12% -$24.1M
TV icon
31
Televisa
TV
$1.49B
$152M 1.23%
5,572,855
+1,727,760
+45% +$48.4M
META icon
32
Meta Platforms (Facebook)
META
$1.51T
$151M 1.22%
1,442,657
-200,429
-12% -$20.6M
IPGP icon
33
IPG Photonics
IPGP
$3.84B
$151M 1.22%
1,690,243
-240,729
-12% -$20.6M
MMM icon
34
3M
MMM
$94.3B
$148M 1.2%
1,174,269
-162,103
-12% -$20.8M
MSFT icon
35
Microsoft
MSFT
$3.71T
$143M 1.16%
2,574,474
-357,772
-12% -$18.8M
XOM icon
36
ExxonMobil
XOM
$634B
$138M 1.12%
1,770,202
-283,973
-14% -$22.7M
WAT icon
37
Waters Corp
WAT
$39.9B
$136M 1.1%
1,012,529
-145,648
-13% -$18.7M
GRFS
38
Grifois
GRFS
$5.4B
$136M 1.1%
10,138,022
+6,533,294
+181% +$110M
ABBV icon
39
AbbVie
ABBV
$435B
$134M 1.08%
2,261,502
-318,953
-12% -$18.4M
CRM icon
40
Salesforce
CRM
$158B
$132M 1.07%
1,679,262
-232,960
-12% -$18.2M
ASR icon
41
Grupo Aeroportuario del Sureste
ASR
$8.3B
$131M 1.06%
932,222
+22,400
+2% +$3.43M
RHT
42
DELISTED
Red Hat Inc
RHT
$124M 1%
1,494,835
-207,134
-12% -$16.4M
IMO icon
43
Imperial Oil
IMO
$60.4B
$121M 0.98%
3,737,244
-2,744,239
-42% -$88.9M
ABT icon
44
Abbott
ABT
$187B
$121M 0.98%
2,689,775
-418,954
-13% -$18.5M
MON
45
DELISTED
Monsanto Co
MON
$108M 0.88%
1,097,901
-151,947
-12% -$14.3M
BAP icon
46
Credicorp
BAP
$30.7B
$106M 0.86%
1,085,995
+6,830
+0.6% +$742K
CGNX icon
47
Cognex
CGNX
$11.3B
$104M 0.84%
6,174,264
-852,178
-12% -$15.2M
NVO
48
Novo Nordisk
NVO
$209B
$103M 0.84%
3,583,302
-2,135,324
-37% -$59.1M
CEO
49
DELISTED
CNOOC Limited
CEO
$97.8M 0.79%
936,686
+114,691
+14% +$12.7M
FMS icon
50
Fresenius Medical Care
FMS
$12.9B
$94.2M 0.76%
2,267,696
-77,890
-3% -$3.28M
1
2
3 4 5

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FCM
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CCM
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URS
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MPI
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TIM
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SC
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TCA
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Harding Loevner's Q4 2015 Portfolio in Review

As of Q4 2015, Harding Loevner held 133 positions worth $12.3B, down 0.44% from $12.4B the previous quarter. Its ten largest holdings account for 35% of the portfolio.

Harding Loevner withdrew a net $746M in Q4 2015, closing 22 positions and reducing 50 holdings. Its most notable exit was Alphabet (Google) Class C, an estimated $340M position sold in full.

By sector, the portfolio is most concentrated in Financials at 18% of assets, down from 19% a quarter earlier, followed by Technology and Communication Services.

Against the trend, Harding Loevner opened a new position in Alphabet (Google) Class A worth $353M.

  • Harding Loevner's largest Q4 2015 buy was Alphabet (Google) Class A: 9,064,780 shares worth $353M.
  • Harding Loevner added most to Itaú Unibanco in Q4 2015, an estimated $185M increase.
  • Harding Loevner's biggest Q4 2015 reduction was Imperial Oil, cutting an estimated $88.9M.
  • Harding Loevner fully exited Alphabet (Google) Class C in Q4 2015, selling an estimated $340M.
  • Harding Loevner's ten largest holdings make up 35% of its $12.3B portfolio in Q4 2015.
  • Harding Loevner opened 31 new positions and closed 22 in Q4 2015.
  • Harding Loevner's portfolio value fell 0.44% quarter-over-quarter to $12.3B.

Based on Harding Loevner's 13F filing for Q4 2015, filed 26 Jan 2016.